Case Law Analysis
|Securities Appellate Tribunal
SEBI Act | Unregistered Investment Advisors Must Refund Fees Even Without Investor Claims: SAT Reinforces Absolute Liability
The Securities Appellate Tribunal ruled that unregistered investment advisors cannot retain fees collected from clients, regardless of whether investors seek refunds. The decision underscores SEBI's power to enforce full restitution, reinforcing investor protection and regulatory compliance in securities advisory services.